Logan Rockefeller to Invest $25mn in Sri Lanka. Intends to Bring Significant Portfolio Investments

22nd July 2010, www.dailynews.lk, By Charumini De Silva

The Logan Rockefeller Global entered Sri Lanka with the opening of Logan Rockefeller Global Lanka Asset Management Company yesterday.

The company also announced their sister company LR Global Strategic Investments will invest Rs 2.5 billion in Sri Lanka.

LR Global Lanka Asset Management Company Managing Director Channa de Silva said the company intends to bring significant portfolio investments to Sri Lanka.

It will support companies to list in the market making sizable investments, pre-Initial Public Offering (IPO) as well as secondary market investments in the stock market, he said. “The company is committed to build one of the best investment teams in Sri Lanka and will work strongly with other frontier markets too,” de Silva said.

The Managing Director said the company will get listed in the Colombo Stock Exchange (CSE) within a period of one year. We hope to set up at least five to six companies in motion in the short and medium terms.

LR Global New York Managing Partner, Don LaGuardia said Sri Lanka has shown optimistic outcomes during the post war era. The political stability, low interest rates and high foreign remittances are some of the key factors we selected Sri Lanka.

We expect that the country’s gross Domestic Production (GDP) to be increased gradually.

“We are here for long-term investment opportunities. There are significant possibilities especially for the frontier markets.

With the optimism and opportunities available we expect more foreign investors to Sri Lanka,” he said.

LaGuardia said we intend to raise capital locally and introduce more retail trading by attracting foreign investors to widen the market activities.

This will provide a better chance for the Sri Lankan Diaspora to contribute to the country’s economy. At present the capital market is lucrative and we hope that this initiative of the company will be a successful venture.

Image: From left: LR Global Lanka Asset Management Managing Director Channa de Silva, LR Global Lanka Asset Management Company, Chairman Allen Pathmarajah and LR Global New York Managing Partner Don LaGuardia at the launch.
Picture by Sumanachandra Ariyawansa